As joint venture is a kind of partnership there are many elements that influence the performance and outcome of a joint venture. But today we would just focus on the key elements. There are three key elements in a joint venture
- Product or service
- Unique Selling Position
- A package that binds above two
This package consists of the website, the marketing plan, and the promotional material.
As noted before, there are more elements that affect creation of a successful joint venture, but these three are initial starting points. You must have these three ingredients, and if you possess them joint venture will be successful and getting joint venture partners will be a piece of cake.
Product
Is the product or service needed?
Is there a market for it?
Where?
If you have not done yet run this questionnaire for your product. You must determine that there is a market for your product. I
If there is a market, calculate the price that you would be willing to charge. It is a good idea to keep both the prices- lowest acceptable to you and highest chargeable for the product.
Because it is a joint venture, your share of profit would be reduced. Make sure that you set your price high enough so that when your piece of the pie is reduced, there is enough to make it worth your while. This can be done without pricing your product or service too high.
USP
What will set you apart from your competition?
What is it about your product or service that sets it apart from the competition?
Can it be used as a vehicle for sales of related products or services?
How?
Look at your product or service from every angle. Take a look at your competition.
Can you make it different so that it stands out?
Why would someone choose your product or service over your competition?
If you can’t find a reason, you need to go back and create a reason.
Package
package consists of your website, your marketing plan, and your promotional material.
Have you got a market plan ready?
How would you promote your campaign?
How would the sales process work?
How would you make your website look to compliment your product?
After you have answered all he questions you need to stitch them all together. Theme your website and your markting campaigns around your USP.
Make sure that your sales letter is strong and will convert well.
And…..
Go for it.
All you need now is to find a good joint venture partner. If you have all the above ingredients, it should be an easy task.
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Tags: joint venture partners, joint ventures, marketing plan, partnership, promotion, promotional material, unique selling position, USP
